The longer you hold the property for investment the easier it is to demonstrate that you did in fact intend to hold the property for rental or investment purposes. 

As a result, we have significant water damage to the floor and rugs in that 2nd floor bathroom and a bedroom, plus there is even more significant damage to ceilings, walls, furniture, and rugs to 2 bedrooms on the first floor.Our initial goal is to dry as much water as possible with wet-vacs and dehumidifiers.

@Benjamin Ying The only way to cash flow in the current market is to employ a higher effort strategy like STR, MTR, rent by the room, etc.The "cash flow on paper" properties in stagnant markets or C-D class neighborhoods are probably not the type of places that you want to own long term.

Sometimes you can get the school district population.Right now the cost to build is to high for C markets.  

There is nothing more annoying that paying $1200 just to hear a sales pitch and be told that the only thing that will allow you to be successful is to sink a ton of cash into the advanced training. 

My only reply here is to say to simply focus on the business objectives.

My other advice is to make sure this is the best decision when balancing your family and finances.

Yes, the intention is to build a primary residence for my family to move into. 

My dream is to achieve financial freedom through multifamily rental properties and live life on my own terms.Recently, I have been reading one book after another, trying to absorb as much information as possible, and am extremely thankful to finally find this amazing community.

Their job is to record transactions, not interpret them.2.